Ararat Capital Management, LP

Hedge Fund • Long/Short

Ararat Capital Management, LP is a Long/Short Hedge Fund based in Westport, CT led by Raffi Charles Tokatlian, reporting $482.6M in AUM as of Q3 2025 with 39% Consumer Cyclical concentration and 70% concentrated in top 10 holdings.

Managing PartnerRaffi Charles Tokatlian

Portfolio Value: $197.8M
Positions: 21
Top Holding: BY at 9.52%
Last Reported: Q3 2025

Address2 Railroad Place, Westport, CT, 06880, United States

Top Holdings

Largest long holdings in Ararat Capital Management, LP's portfolio (69.6% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Byline Bancorp, Inc. BY	Banks - Regional Financial Services	$18.8M	9.52%	-$2.9M Sold	1.48% 679.1K shares	Q4 2020 Held for 4y 11m
2 LegalZoom.com, Inc. LZ	Specialty Business Services Industrials	$17.8M	9.00%	-$4.4M Sold	0.95% 1.7M shares	Q1 2022 Held for 3y 8m
3 Driven Brands Holdings Inc. DRVN	Auto - Dealerships Consumer Cyclical	$17.7M	8.94%	+$168.6K Bought	0.67% 1.1M shares	Q1 2025 Held for 8 months
4 Douglas Dynamics PLOW	Auto - Parts Consumer Cyclical	$13.6M	6.88%	-$4.7M Sold	1.89% 435.0K shares	Q1 2024 Held for 1y 8m
5 Gildan Activewear GIL	Apparel - Manufacturers Consumer Cyclical	$12.6M	6.36%	-$8.0M Sold	0.15% 217.7K shares	Q1 2024 Held for 1y 8m
6 European Wax Center EWCZ	Household & Personal Products Consumer Defensive	$12.4M	6.28%	+$2.6M Bought	7.18% 3.1M shares	Q4 2023 Held for 1y 11m
7 National Vision Holdings, Inc. EYE	Specialty Retail Consumer Cyclical	$11.6M	5.88%	-$3.2M Sold	0.50% 398.3K shares	Q1 2025 Held for 8 months
8 SGI Silicon Graphics International Corp SGI	Unknown Unknown	$11.3M	5.69%	—	— 133.5K shares	Q1 2025 Held for 8 months
9 SGI Tempur Sealy International SGI	Furnishings, Fixtures & Appliances Consumer Cyclical	$11.3M	5.69%	—	0.06% 133.5K shares	Q4 2022 Held for 2y 11m
10 Flywire Corporation FLYW	Information Technology Services Technology	$10.5M	5.30%	+$10.5M New	0.63% 774.9K shares	Q3 2025 Held for 2 months

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Ararat Capital Management, LP's latest filing

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Market Value

$197.8M

Prior: $229.4M

Q/Q Change

-13.78%

-$31.6M

Net Flows % of MV

-20.2%

Turnover Ratio

19.86%

New Purchases

2 stocks

$14.1M

Added To

3 stocks

+$5.2M

Sold Out Of

0 stocks

Reduced Holdings

14 stocks

-$59.3M

Increased Positions

Position	Shares Δ	Change
1 Flywire Corporation FLYW	New	0 → 774.9K +$10.5M
2 KinderCare Learning Companies KLC	New	0 → 550.6K +$3.7M
3 nCino, Inc. NCNO	+32.56%	272.5K → 361.3K +$2.4M
4 European Wax Center EWCZ	+26.26%	2.5M → 3.1M +$2.6M
5 Driven Brands Holdings Inc. DRVN	+0.96%	1.1M → 1.1M +$168.6K

Decreased Positions

Position	Shares Δ	Change
1 Integral Ad Science IAS	-69.0%	2.2M → 668.4K −$15.1M
2 US Foods USFD	-46.24%	114.9K → 61.8K −$4.1M
3 Camping World Holdings CWH	-45.16%	808.1K → 443.1K −$5.8M
4 JFrog Ltd. FROG	-38.9%	165.4K → 101.1K −$3.0M
5 Gildan Activewear GIL	-38.72%	355.2K → 217.7K −$8.0M